If you are living in Tennessee with a large estate, you may find it difficult to determine how it should be divided at the time of your death. At Richardson & Richardson, LLLP, we understand that the details of who the estate goes to and in what form it is to be distributed are important to consider when drafting a last will and testament.
Previously, those with multimillion-dollar estates had to consider the inheritance tax, which increased based on the value of the estate being left. The good news for people living in Tennessee is that as of December 2015, there is no longer an inheritance tax. However, it is important to keep in mind that if you are working on executing a will for someone who died before the year of 2016, the tax will still apply. You do not need to file an inheritance tax for any decedent with a date of death from 2016 or sooner.
The fact remains that it still may be hard to interpret a last will and testament. In addition, if you are the executor of a will of someone who died before 2016, you may need to figure out how to factor in a tax value of as much as 9.5% for a net estate of a value greater than $440,000. It is also possible that you are considering how to rewrite a copy of a will that was written at a time when the inheritance tax still applied. All the information to effectively deal with an estate can be found on our website.